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Markets may see some profit booking today

9 May 2023 , 09:03 AM

Profit booking may take place today in stocks that gained yesterday. This trend of a day of buying giving way to a day of selling or profit booking is likely to continue until this environment of economic uncertainty prevails.

US markets saw a mixed day yesterday. Profit booking in industrial stocks saw Dow Jones close lower by 55 points. Nasdaq closed with gains of 21 points. Bond yields closed unchanged near 3.50%. US dollar index drifted lower to 101.3.

Asian markets have opened on a mixed note today. Japanese ‘Nikkei’ is trading higher by 170 points in early trade. Taiwan & South Korean markets are seeing profit booking. They are trading in the red. Chinese stocks rebounded yesterday. This may see more follow-on buying as corporate results there are meeting expectations.

 Nifty saw a superb comeback yesterday, after Friday’s sell off. Banks, Auto & Energy stocks led the gainers. Nifty ended the day, up nearly 200 points. Bank Nifty closed higher by 620 points. IndusInd, Tata Motors & Bajaj twins led the gainers. Profit booking was seen in Coal India, Adani Enterprises & Sun Pharma. Mid-caps had a great day. Nifty Midcap 50 index closed higher by 1.34%

Technical View: Nifty is likely to find support at around 18150. 18500 is likely to act as resistance. Bank Nifty is likely to find support at around 42700. 43700 is likely to act as resistance on the upside.

Trading call:(1-14 days) :BUY NMDC May future @ 109-109.5. Stop loss: 107. Target: 112.

Derivative call-time period: (1 months): BUY DR Reddy’s May future @4915-4935. Stop loss: 4826. Target: 5040.



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